U/s 44ad and block asset

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ARVIND JAIN (Querist)
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16 July 2012 A FIRM SELLS PROPERTY IN BLOCK AND PURCHASES ANOTHER ONE IN SAME YEAR OF LITTLE HIGHER VALUE.RETURN IS FILED U/S 44AD HOW TO GIVE EFFECT.IF SHOWN UNDER BLOCK DEPRECIATION GETS REDUCED FROM BLOCK AND TOTAL INCOME.IS IT NECESSARY TO DISCLOSE IT AND IF SO HOW.ANY TAX LIABILITY.

Dharmendra Yadav

Dharmendra Yadav (Expert)
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18 July 2012 To Calculate WDV And Depreciation Follow Below given steps

1-Calculate total Opening WDV Of Block
2-Add assets Purchased During The Year In the Same Block
3-Less Assets Sold During The Year from Same Block
Then U will find the net WDV and no u can apply rate of dep on WDV

Note** all assets which are put to use with in 180 days are liable to charge half rate of dep.

Thanks

Dharmendra Yadav.
dy_03@redifffmail.com